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NewLead Holdings Ltd announces time charter for Newlead Castellano

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World Coal,

NewLead Holdings Ltd has announced that it has entered into a time charter contract for one of its dry bulk Eco-type Handysize vessels, the Newlead Castellano. The time charter is for two consecutive voyages, which are anticipated to be completed by the end of November 2015, at a gross charter-out rate of US$7000 per day less a 6.25% commission paid to third parties. The vessel was delivered to the charterers at the beginning of September 2015.

The Newlead Castellano is a 2013-built dry bulk Eco-type Handysize vessel of 35 542 DWT and is one of the three dry bulk Eco-type Handysize vessels that were delivered to NewLead's fleet in 2014.

Since the beginning of 2015, the Newlead Castellano has completed three time charter contracts and has transported 125 995 t of dry bulk cargo. The vessel's utilisation in 2015 up until today is 95%.

The Newlead Castellano has been primarily trading in the Atlantic Ocean area although the trading location is at the charterers' option.

Michael Zolotas, Chairman and CEO of NewLead, stated: "NewLead's constant emphasis on the development and management of commercial relationships is reflected in the continuous employment of its vessels at competitive charter-out rates despite distressed dry bulk market conditions."

Zolotas added: "We continue to perform on our prudent and adaptive commercial strategy but at the same time we ensure a diversified employment and geographical positioning of our dry bulk vessels to seize chartering opportunities."

NewLead has approximately 60% and 81% of its operating days covered for 2015 and 20% and 16.27% of its operating days covered for 2016 for its dry bulk and tanker vessels, respectively.

Edited from press release by

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